Product ID: SQMIG20V2002
Report ID: SQMIG20V2002 | Region: Global | Published Date: September, 2022 | Pages: 230 | Tables: 93 | Figures: 76
Commercial Vehicle Market size was valued at USD 821.28 billion in 2021 and is poised to grow from USD 892.73 billion in 2022 to USD 1891.41 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).
A commercial vehicle is a type of motor vehicle which is used for the transport of goods and products. The growth of commercial vehicles is mainly inclined by the increase in e-commerce activity and the increasing adoption of commercial vehicles for transportation. It is used in various industries including transportation & logistics, mining & amp; construction, manufacturing industries, agriculture, and many more. The major products covered by the commercial vehicle market are light commercial vehicles, buses & buses, and trucks. Industrial growth and rising penetration of electric-powered vehicles in commercial vehicles are some of the main factors that trigger the pace of the commercial vehicle market during forecasts.
The local market's rising logistic services are expected to drive up demand for small commercial vehicles, leading to expected growth in the Indian small commercial vehicle market. In the next five years, government initiatives, financial assistance, and rising manufacturing company investments will all contribute to the expansion of the Indian small commercial vehicle market.
US Commercial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Commercial Vehicle Market is segmented based on the Product, End User, Propulsion, and region. Based on the Product, Global Commercial Vehicle Market is segmented as Light Commercial Vehicles (LCVs), Heavy Trucks, Buses, Coaches, and Others. Based On End User, Global Commercial Vehicle Market is segmented as Industrial, Mining, Construction, Logistics, Passenger Transportation, and Others. Based on the Propulsion type, Global Commercial Vehicle Market is segmented as IC Engines and Electric vehicles. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Commercial Vehicle Market Analysis by Product
Based on the Product, in 2021, the segment for light commercial vehicles (LCVs) had the highest revenue share. LCVs are regarded as a financially advantageous solution for the transportation of both goods and people. LCVs reduce emissions and have a number of tax advantages. These vehicles are also quite active and adaptable for carrying both passengers and cargo. They are also economic, which is anticipated to favors the segment's expansion.
Commercial Vehicle Market Analysis by End User
Global Commercial Vehicle Market has been segmented on the basis of Industrial, Mining, Construction, Logistics, and Passenger Transportation. Passenger transportation had a sizable market value share in 2021 and was expected to increase at a profitable rate of around 8% throughout the projected period. One of the main elements driving the segment's rise is the increase in commuting costs to increase accessibility and affordability. Additional factors that will contribute to the rise of passenger transportation in the years to come include the increasing trend of shared mobility and regulations governing the movement of vehicles on the road.
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Asia Pacific is expected to witness the fastest growth rate. Rapid urbanization, industrialization, a sizable population, and strong government investments in the construction of cutting-edge infrastructure are all evident in the Asia Pacific. Due to a large number of industries in the area, there is now a much higher demand for commercial vehicles to transport goods both domestically and internationally. Additionally, China is a major global producer and consumer of electric vehicles. The region's demand for electric commercial vehicles has been greatly increased by the growing government attempts to reduce carbon emissions from cars.
North America holds the second-largest position in the market owing to the growing demand for commercial vehicles in North America. The reason is the increasing demand for long-distance operations from fleet management in this region. It is estimated that Europe has shown good growth in this market. As the demand for personnel and cargo transportation continues to increase, it is expected that this demand will significantly increase in the future.
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Commercial Vehicle Market Driver
Commercial Vehicle Market Restraint
The government is making major efforts to grow the vehicle industry on a global basis. To lower the frequency of traffic accidents, guarantee the safety of passengers and drivers, and minimize rising fuel emissions, the government has put rigorous restrictions, in order to limit escalating exhaust emissions, which have caused a global environmental crisis and global warming, they have also imposed tight rules on auto manufacturing businesses.
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Global Commercial Vehicle Market is relatively competitive. As part of their attempts to improve their respective product offerings in the industry, the major players who controlled the global market in 2020 are placing heavy importance on supplying modern items built on the most recent technology. To strengthen their position in the market, the corporations are also pursuing strategic initiatives such as geographical expansion and strategic acquisitions, mergers, partnerships, and collaborations.
Commercial Vehicle Market Top Player's Company Profiles
Commercial Vehicle Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Commercial Vehicle Market Analysis, light commercial vehicles (LCVs) had the highest revenue share (77.3%). Passenger transportation had a sizable market value share in 2021 and was expected to increase at a profitable rate of around 8% throughout the projected period. Among the regions, Asia Pacific has seen significant growth due to rapid urbanization, industrialization, a sizable population, and strong government investments in that region.
|Market size value in 2021||USD 821.28 billion|
|Market size value in 2030||USD 892.73 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Commercial Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Commercial Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Commercial Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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